Information Americas, New York, NY, November 22, 2024: Malaysian vitality big Petronas is rising as a key participant in Guyana’s vitality panorama, taking middle stage in a shallow-water oil block there after the Exxon Mobil-led consortium ended talks with the Guyanese authorities.
Exxon Mobil, together with Hess Company and China’s Cnooc, had secured the offshore Block S8 in a 2022 bidding spherical. Nevertheless, negotiations faltered this yr as Exxon reportedly sought to make use of the world for carbon seize and storage. “We don’t need to do this at this stage,” mentioned Guyana Vice President Bharrat Jagdeo.
This shift mirrors the same growth in neighboring Suriname earlier this week, the place Exxon pulled out of an offshore oil block, leaving Petronas as the only operator of what’s thought-about one of many nation’s most promising vitality initiatives.
As Exxon refocuses its regional technique, Petronas stands poised to strengthen its place within the vitality sector throughout Guyana and Suriname.
Petroliam Nasional Berhad, often known as PETRONAS, is Malaysia’s state-owned multinational oil and fuel firm headquartered in Kuala Lumpur. Based in 1974, the corporate oversees all of Malaysia’s oil and fuel assets and operates in over 100 international locations, contributing considerably to the nation’s economic system.
Ranked 216th on the 2022 Fortune International 500 checklist and recognized by the Monetary Occasions as one of many “new seven sisters” of influential state-owned oil firms, PETRONAS engages in a variety of actions. These embrace upstream exploration, downstream refining, fuel processing, LNG advertising and marketing, petrochemical manufacturing, delivery, and even property investments. From 2015 to 2020, it offered over 15% of Malaysia’s authorities income, underscoring its vital function within the nation’s growth.
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